-Are you running a business which is growing at a fast pace? With this growth, the commercial-space crunch is a challenge that you’ll face sooner than later.
Some Scenarios In Which More Space May Be Needed
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- You rented a small office while starting the business. But as the business grew, a number of people working increased as well. Now you are searching for commercial space to house the entire staff properly in single larger office space.
- The building in which your showroom was housed isn’t able to accommodate another floor. Now you are looking for an entirely new building to accommodate various showrooms.
- Your retail store wants to add more POS for increased visibility, and now you need more space for that.
- As a small restaurant owner, you have tasted success. Now you want to add new food parlours inside it. You are searching for commercial space in a prime location where the newly designed restaurant can come up.
- New machinery has to be set-up to increase production. You will need commercial space to install the latest machinery
Besides some of these scenarios, numerous others would need more commercial space. However, before signing a commercial lease agreement, there are many things that you need to know about them:
What’s a Commercial Lease?
It is a legal agreement between a landlord and a tenant for business purposes. The signing of lease indicates the transfer of right to use a commercial space form the landlord to the tenant. The specific duration and the agreed rent and other things are mentioned in it. It indicates the responsibilities of the landlord and the tenant during the lease.
How to Create One?
You can easily create one at Forms. Legal. Here are some of the details that may be needed:
Property Type
Which kind of property has to be leased? Whether it is an office space, a building, a retail store, a restaurant, an industrial or factory space or warehouse or some other property.
Location of Property
Every state in the US has its own set of rules. Depending on the location of the property, a standard agreement or a comprehensive agreement can be decided on.
Landlord Details
The landlord of the property can be an individual or a corporation. You will have to provide the complete details of the landlord, including the name, address etc.
Tenant Details
Whether an individual is searching for commercial space or representing a corporation. In either form, all the details will have to be provided in the agreement form.
Permitted Use
It is a crucial part of the agreement and tells how the property is going to be used. The complete description has to be provided. Will the tenant get the privilege of using the parking? The full details will have to be provided.
Term of Lease
What will term of the lease? A clear lease start date and end date will have to be provided. Can a tenant move in before the lease start date? All the answers can be found here.
Rent Details
How much rent will be paid? What will be its frequency? Will it have to be paid on a weekly, monthly basis? On which date will it be paid? How will rent be increased and will there be any late payment fee? All these details are mentioned in the agreement.
Utility Payment
The modus operandi of payment for the utilities will have to be provided in the rent agreement.
Maintenance & Taxes
Who will pay them, the tenant or the landlord? There are numerous such details like deposits, insurance, miscellaneous information, signing details will have to be provided in the commercial lease agreement.
Create a commercial lease agreement now at Forms. Legal. With free sign-up, you’ll get a trial subscription, using which you can download the desirable forms for a week.